The FIA should certainly compare their technical regulations with those of CART. CART always manages to have drivers/cars qualifying a heck of a lot closer together.
The only problem I see with eliminating the high-tech stuff is that F1 promotes itself as being the ultimate racing series (drivers and technology).
Of course, the whole electronics issue was discussed here:
http://tentenths.com/forum/showthrea...threadid=20831
F1: better or worse with electronics?